Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax. If your filing status is married, filing jointly or surviving spouses; and taxable income is more than: but not over: your tax is: $ 0 $19,050 10% OF the taxable income $19,050 $77,400 $1905 plus 12% of the excess over $19,050 $77,400 $165,000 $8907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 _______ $161,379 plus 37% OF THE AMOUNT OVER $600,000 Jaylen and Zan's 2018 Federal income tax is: $ (Round to the nearest dollar.) What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income] % (Write as a percent, rounded to one decimal place.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax.

If your filing status is married, filing jointly or surviving spouses;

and taxable income is more than: but not over: your tax is:
$ 0 $19,050 10% OF the taxable income
$19,050 $77,400 $1905 plus 12% of the excess over $19,050
$77,400 $165,000 $8907 plus 22% of the excess over $77,400
$165,000 $315,000 $28,179 plus 24% of the excess over $165,000
$315,000 $400,000 $64,179 plus 32% of the excess over $315,000
$400,000 $600,000 $91,379 plus 35% of the excess over $400,000
$600,000 _______ $161,379 plus 37% OF THE AMOUNT OVER $600,000


Jaylen and Zan's 2018 Federal income tax is: $
(Round to the nearest dollar.)

What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income]

%
(Write as a percent, rounded to one decimal place.)

 

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